M&G Global Government Bond Fund a sub-fund of M&G Investment Funds (3) Annual Short Report June 2018 For the year ended 30 June 2018

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1 M&G Global Government Bond Fund a sub-fund of M&G Investment Funds (3) Annual Short Report June 2018 For the year ended 30 June 2018

2 Fund information The Authorised Corporate Director (ACD) of M&G Investment Funds (3) presents its Annual Short Report for M&G Global Government Bond Fund which contains a review of the fund s investment activities and investment performance during the period. The ACD s Annual Long Report and audited Financial Statements for M&G Investment Funds (3), incorporating all the sub-funds and a Glossary of terms is available free of charge either from our website at or by calling M&G Customer Relations on ACD M&G Securities Limited, Laurence Pountney Hill, London EC4R 0HH Telephone: (Authorised and regulated by the Financial Conduct Authority. M&G Securities Limited is a member of the Investment Association and of the Tax Incentivised Savings Association.) Investment objective The fund aims to maximise total return (the combination of income and growth of capital). Investment policy The portfolio will mainly consist of investment grade government debt securities, including government guaranteed debt securities, and will be invested on a global basis. The fund s exposure to investment grade government debt may be gained through the use of derivatives. The fund may also invest in other government and public securities, collective investment schemes, other transferable securities, other debt instruments, cash and near cash, deposits, warrants, money market instruments and other derivative instruments. The fund may use derivatives for Efficient Portfolio Management purposes. Investment approach The M&G Global Government Bond Fund invests mainly in investment grade government bonds on a global basis. Its investment approach is driven primarily by the fund manager s views on macroeconomic factors such as economic growth, interest rates and inflation. This assessment determines the individual government bonds from different countries in which the manager believes the fund should invest in order to achieve its objective. It also influences the portfolio s mix of interest rate risk and currency exposure. These factors, along with the manager s selection of government bond holdings, drive the fund s long-term performance. With the active management of the fund s currency exposures being one of these drivers, its returns will include a higher degree of currency risk than domestic fixed income funds. 1 2

3 Fund information Investment review Risk profile The fund invests mainly in investment grade government bonds, including government-guaranteed debt securities, on a global basis. It is, therefore, subject to the price volatility of the global bond market and the performance of individual issuers. It is also subject to fluctuations in currency exchange rates. The fund s exposure to investment grade government debt may be gained through the use of derivatives. In association with the use of derivatives, including those instruments not traded through an exchange, collateral is deposited, in order to mitigate the risk that a counterparty may default on its obligations or become insolvent. Up to 30% of the fund s assets may be invested in non-investment grade government debt securities, which are higher risk assets that could potentially experience a degree of illiquidity in times of market distress. Portfolio diversification is key in managing liquidity and default risks as well as reducing market risk. The fund s risks are measured and managed as an integral part of the investment process. Please note that the risk management policies are set out in full in the financial statements and notes sections of the Annual Long Report and audited Financial Statements of M&G Investment Funds (3). As at 2 July 2018, for the year ended 30 June 2018 Performance against objective Between 3 July 2017 (the start of the review period) and 2 July 2018, the M&G Global Government Bond Fund recorded negative total returns (the combination of income and growth of capital) across its different share classes, with the exception of its Swiss franc share classes. The fund s objective is to maximise total returns (the combination of income and growth of capital), and although it had mixed results during the year under review, it met its objective over three and five years and since launch.* Over the 12 months, a variety of global investment themes adversely affected sentiment towards global government bond markets, including expected (and confirmed) rises in interest rates. Some key segments of developed government bond markets registered negative returns, including in the US; emerging bond markets also weakened, which detracted from the fund s overall performance. For the fund s Swiss franc share classes, the increase in value of the US dollar (in which the fund held a sizeable exposure) against the Swiss franc helped to provide some upside. * For the performance of each share class, please refer to the Long-term performance by share class table in the Fund performance section of the Annual Long Report and audited Financial Statements for M&G Investment Funds (3). The following table shows the risk number associated with the fund and is based on Sterling Class A shares. Low risk High risk Typically lower rewards The above number: Typically higher rewards is based on the rate at which the value of the fund has moved up and down in the past and is based on historical data so may not be a reliable indicator of the future risk profile of the fund. is not guaranteed and may change over time and the lowest risk number does not mean risk free. has not changed during this period. 3 4

4 Investment review To give an indication of the performance of the fund, the following table shows the compound rate of return, per annum, over the period for Sterling Class A (Accumulation) shares and Sterling Class I (Accumulation) shares. Calculated on a price to price basis with income reinvested. Long-term performance One Three Five Since year years years launch % [a] % p.a. % p.a. % p.a. Sterling [b] Class A [c] Class I [d] [a] Absolute basis. [b] Price to price with income reinvested. [c] 4 October 1999, the end of the initial offer period of the predecessor unit trust. [d] 3 August 2012, the launch date of the share class. Please note past performance is not a guide to future performance and the value of investments, and the income from them, will fluctuate. This will cause the fund price to fall as well as rise and you may not get back the original amount you invested. Investment performance Expected and actual rising interest rates due to firmer inflation remained key themes in global financial markets during the 12 months to 30 June In the important US market, the Federal Reserve confirmed three interest rate increases of 0.25 percentage points each. The moves added to the gradual steps taken by the US central bank in recent years to lift rates against the backdrop of strengthening economic growth and inflation. Improving economic growth was also evident in the eurozone, although the European Central Bank (ECB) held interest rates unchanged. However, expectations increased among global investors that the significant monetary stimulus policies operated by the ECB for some time would soon be scaled back. Known as quantitative easing, these measures are largely designed to keep interest rates low. In the UK, the annual inflation rate, as measured by the Consumer Prices Index (CPI), stayed above the 2% target set by the Bank of England (BoE). To counter rising consumer prices, central banks often raise interest rates, and the BoE confirmed a quarter of a percentage point rate rise in November However, subsequently the BoE s Monetary Policy Committee had to weigh up the implications of Brexitrelated uncertainty in the UK outlook. This factor seemed to contribute to the central bank s decision to leave rates unchanged for the remainder of the period. Some signs of softer UK economic data later in the period also appeared to influence this stance by the BoE. In the bond markets, anticipated (and confirmed) increases in inflation or interest rates typically dampen sentiment towards government bonds. Bonds are loans in the form of a security, usually issued by a government government bonds or company corporate bonds; they normally pay a fixed rate of interest over a given time period, at the end of which the initial amount borrowed is repaid. When interest rates rise, the value of a bond s fixed interest payments decline, thus dampening its price. The effects of US interest rate moves can even be felt internationally, given the size and influence of the US market within a global context. Indeed, mainstream government bonds delivered mixed results in this environment, with declines recorded in the US market. During the second half of the review period, the UK government bond market also fell. As well as the fund s allocations to major industrialised nations, we favoured holding exposures to government bonds in emerging markets on a selective basis. In our view, compelling value could be found in this area of the market, helped by factors such as continued low interest rates in Europe and Japan. This environment maintained government bond yields in these areas at low (or even negative) levels. In turn, we preferred to allocate some of the fund towards higher yielding areas of the bond markets, such as those in developing countries, for taking on a higher degree of risk. (Bond yields refer to the interest received from a fixed interest security, which is usually expressed annually as a percentage based on the investment s cost, its current market value or its face value). While emerging market bonds performed relatively well throughout 2017, these assets generally recorded declines during the first six months of This partly reflected increased concerns about the US government s placement of trade tariffs on a range of imported 5 6

5 Investment review goods, which was met by retaliatory tariffs from China and the European Union. There were also some renewed economic and political challenges in individual emerging countries such as Argentina and Turkey. Against this backdrop, the fund s allocation to emerging markets detracted from its returns during the first half of For the 12-month review period, the weakness in various areas of developed and emerging government bond markets contributed to the fund recording negative returns across its different share classes, with the exception of its unhedged Swiss franc share classes. For the latter, the increase in value of the US dollar (which remained one of the fund s larger currency exposures) against the Swiss franc helped to provide some upside. Investment activities We maintained a globally diversified fund of government bonds throughout the review period. Among larger industrialised nations, our position in the US was reduced earlier in the period on the backdrop of rising US interest rates. However, we added back some exposure to US government bonds in recent months, feeling that these assets began to offer some better value after a period of underperformance. Elsewhere, we maintained a broadly stable allocation to Japanese government bonds. As the period ended, the US and Japan continued to rank as the fund s largest individual country positions. In contrast, we reduced the fund s overall exposure to the German government bond market. This largely reflected our view that more attractive relative value could be found elsewhere, given the prospect of scaled down stimulus activity by the ECB. Among smaller markets in Europe, we increased our exposure to some countries that we felt offered appealing value as their economies looked set to improve, including Portugal. In addition to developed industrialised nations, we continued to assess investment opportunities in emerging markets. We maintained the opinion that government bond valuations in the latter area looked relatively attractive on a selective basis, and the fund held positions from across the main emerging market regions. Within this theme, we added bonds from the government of Malaysia, partly based on our view that the country stands to benefit from strengthening oil prices as it is an oil producer. We also added government bonds in Poland and the Philippines. Elsewhere, our preferred holdings in emerging markets continued to include bonds from the governments of Indonesia and Israel, while Mexico remained the fund s largest individual allocation to an emerging market at the end of the review period. Outlook Active management of the fund s country allocations, as well as its currency positioning, are the among the main drivers of its long-term returns. The fund s flexible investment approach also allows us to position the portfolio so that its performance should be less sensitive to the prospect of rising interest rates a strategy known as holding short duration. Duration measures the sensitivity of a bond s price to a change in interest rates; it is an estimate of the number of years it takes an investor to recover the price of a bond if interest rates change. Generally, the longer the duration, the more sensitive the bond s price is to changes in interest rates. During the review period, we kept a short duration positioning in the fund against the backdrop of actual, or expected, increases in interest rates. We continued to hold this stance as the period ended. Among other investment themes, we maintained a globally diversified portfolio of government bonds, not only from large developed nations such as the US, Japan, and the UK, but also from select emerging economies. Despite the recent underperformance of emerging market bonds, we believe long-term value can still be found in this area when comparing their valuations to government bonds in developed countries. We also believe that sentiment towards emerging market bonds should be supported by improvements to their creditworthiness a measure of a borrower s ability and willingness to repay its debt. This improvement should be helped by global economic growth forecasts that remain encouraging and broad-based, in our opinion. At the same time, the relevant risks need to be monitored closely, including increased US interest rates. However, we believe that this higher interest rate environment is less challenging for many emerging market economies than in previous rising-rate cycles, partly due to the adjustments they have made towards having lower overall levels of 7 8

6 Investment review US dollar-denominated debt. However, US rate increases may cause a headwind for other emerging economies, particularly those more dependent on US dollar funding. Other potentially adverse factors must also be considered, such as international trade tensions over tariff introductions. On the other hand, firmer commodity prices, notably for oil, can be beneficial for commodity producers in emerging economies. Overall, we continue to determine the fund s investment strategy by seeking the most attractive value in the global government bond markets amid the prevailing economic conditions, while avoiding those countries where we believe the outlook is less favourable. Claudia Calich Fund manager An employee of M&G Limited which is an associate of M&G Securities Limited. Please note that the views expressed in this Report should not be taken as a recommendation or advice on how the fund or any holding mentioned in the Report is likely to perform. If you wish to obtain financial advice as to whether an investment is suitable for your needs, you should consult a Financial Adviser. Classification of investments FIXED INCOME Debt securities AAA credit rated bonds AA credit rated bonds A credit rated bonds BBB credit rated bonds BB credit rated bonds B credit rated bonds Bonds with no credit rating Debt derivatives Credit default swaps CURRENCY Forward currency contracts CASH EQUIVALENTS AAA rated money market funds [a] % of the fund value (net assets attributable to shareholders) 0.00% 0.11% 0.02% 0.02% 7.89% 10.45% 8.30% 8.49% 5.65% 6.17% 2.95% 4.64% 3.07% 2.27% 24.48% 22.53% 23.80% 19.66% 22.34% 23.57% [a] Uncommitted surplus cash is placed into AAA rated money market funds with the aim of reducing counterparty risk. 30 June June 2017 Source: M&G 9 10

7 Financial highlights Fund performance Please note past performance is not a guide to future performance and the value of investments, and the income from them, will fluctuate. This will cause the fund price to fall as well as rise and you may not get back the original amount you invested. The following chart and tables show the performance for two of the fund s share classes Sterling Class A (Accumulation) shares and Sterling Class I (Accumulation) shares. We show performance for these two share classes because: The performance of the Sterling Class A (Accumulation) share is what most individuals investing directly with M&G have received. It has the highest ongoing charge of all the sterling share classes. Performance is shown after deduction of this charge. All UK investors in the fund therefore received this performance or better. The performance of the Sterling Class I (Accumulation) share is the most appropriate to compare with the average performance of the fund s comparative sector. It is the share class used by the Investment Association in the calculation of the comparative sector s average performance. This share class is available for direct investment with M&G subject to minimum investment criteria, or via third parties who may charge additional fees. The performance shown takes the deduction of the ongoing charge for this share class into account but it does not take account of charges applied by any other party through which you may have invested. The fund is available for investment in different share classes, each with varying levels of charges and minimum investments; please refer to the Prospectus for M&G Investment Funds (3), which is available free of charge either from our website at or by calling M&G Customer Relations. For the specific performance tables of all share classes, please refer to the Annual Long Report and audited Financial Statements for M&G Investment Funds (3), which is available free of charge either from our website at or by calling M&G Customer Relations. Performance since launch To give an indication of how the fund has performed since launch, the chart below shows total return of Sterling Class A (Accumulation) shares and Sterling Class I (Accumulation) shares October 1999 = 100, plotted monthly Chart date 2 July 2018 Sterling Class A (Accumulation) shares* Sterling Class I (Accumulation) shares* Sterling Class A (Accumulation) shares* Sterling Class I (Accumulation) shares* Morningstar (IA) Global Bond sector average* * Income reinvested Source: Morningstar, Inc. and M&G The fund s Sterling Class I (Accumulation) shares were launched on 3 August Performance data shown prior to this date is that of the fund s Sterling Class A (Accumulation) shares. Fund level performance Fund net asset value as at 30 June $ 000 $ 000 $ 000 Fund net asset value (NAV) 87,020 76,013 61,

8 Financial highlights Fund performance To give an indication of how the fund has performed during the period the tables below show the performance of Sterling Class A (Accumulation) shares and Sterling Class I (Accumulation) shares. All Performance and charges percentages represent an annual rate except for the Return after operating charges which is calculated as a percentage of the opening net asset value per share (NAV). Dilution adjustments are only in respect of direct portfolio transaction costs. Sterling Class A Accumulation share performance The share class was launched on 4 October for the year to 30 June Change in NAV per share UK p UK p UK p Opening NAV Return before operating charges and after direct portfolio transaction costs (1.15) Operating charges (1.59) (1.62) (1.31) Return after operating charges (2.74) Distributions (3.19) (2.95) (1.87) Retained distributions Closing NAV Direct portfolio transaction costs UK p UK p UK p Costs before dilution adjustments Dilution adjustments [a] Total direct portfolio transaction costs Performance and charges % % % Direct portfolio transaction costs [b] Operating charges Return after operating charges Distribution yield Effect on yield of charges offset against capital Other information Closing NAV ($ 000) 7,931 9,228 9,724 Closing NAV percentage of total fund NAV (%) Number of shares 4,639,906 5,352,374 5,686,909 Highest share price (UK p) Lowest share price (UK p) Sterling Class I Accumulation share performance The share class was launched on 3 August for the year to 30 June Change in NAV per share UK p UK p UK p Opening NAV 1, , Return before operating charges and after direct portfolio transaction costs (10.64) Operating charges (8.60) (8.71) (7.19) Return after operating charges (19.24) Distributions (35.40) (33.10) (22.13) Retained distributions Closing NAV 1, , , Direct portfolio transaction costs UK p UK p UK p Costs before dilution adjustments Dilution adjustments [a] Total direct portfolio transaction costs Performance and charges % % % Direct portfolio transaction costs [b] Operating charges Return after operating charges Distribution yield Effect on yield of charges offset against capital Other information Closing NAV ($ 000) 36,857 35,205 32,422 Closing NAV percentage of total fund NAV (%) Number of shares 2,339,042 2,226,239 2,076,382 Highest share price (UK p) 1, , , Lowest share price (UK p) 1, , [a] In respect of direct portfolio transaction costs. [b] As a percentage of average net asset value

9 Financial highlights Operating charges and portfolio transaction costs We explain below the payments made to meet the ongoing costs of investing and managing the fund, comprising operating charges and portfolio transaction costs. Operating charges Operating charges include payments made to M&G and to providers independent of M&G: Investment management: Charge paid to M&G for investment management of the fund (also known as Annual Management Charge). Administration: Charge paid to M&G for administration services in addition to investment management any surplus from this charge will be retained by M&G. Oversight and other independent services: Charges paid to providers independent of M&G for services which include depositary, custody and audit. Ongoing charges from underlying funds: Ongoing charges on holdings in underlying funds that are not rebated. Operating charges do not include portfolio transaction costs or any entry and exit charges (also known as initial and redemption charges). The charging structures of share classes may differ, and therefore the operating charges may differ. Operating charges are the same as the ongoing charges shown in the Key Investor Information Document, other than where an estimate has been used for the ongoing charge because a material change has made the operating charges unreliable as an estimate of future charges. For this fund there is no difference between operating charges and ongoing charges figures, unless disclosed under the specific share class performance table. Portfolio transaction costs Portfolio transaction costs are incurred by funds when buying and selling investments. These costs vary depending on the types of investment, their market capitalisation, country of exchange and method of execution. They are made up of direct and indirect portfolio transaction costs: Direct portfolio transaction costs: Broker execution commission and taxes. Indirect portfolio transaction costs: Dealing spread the difference between the buying and selling prices of the fund s investments; some types of investment, such as fixed interest securities, have no direct transaction costs and only the dealing spread is paid. Investments are bought or sold by a fund when changes are made to the investment portfolio and in response to net flows of money into or out of the fund from investors buying and selling shares in the fund. To protect existing investors, portfolio transaction costs incurred as a result of investors buying and selling shares in the fund are recovered from those investors through a dilution adjustment to the price they pay or receive. As the fund invests mainly in fixed interest securities, the direct transaction costs paid on other investments are too small to be reflected in the table below. To give an indication of the indirect portfolio dealing costs the table below shows the average portfolio dealing spread. Further information on this process is in the Prospectus, which is available free of charge on request either from our website at or by calling M&G Customer Relations. Portfolio transaction costs as at 30 June Average [a] Indirect portfolio transaction costs % % % % Average portfolio dealing spread [a] Average of first three columns

10 Notes 17

11 Contact Customer Relations* Write to us at:** M&G Securities Limited PO Box 9039 Chelmsford CM99 2XG Our website: us with queries: * For security purposes and to improve the quality of our service, we may record and monitor telephone calls. You will require your M&G client reference. Failure to provide this will affect your ability to transact with us. ** Please remember to quote your name and M&G client reference and sign any written communication to M&G. Failure to provide this may affect your ability to transact with us. Please note that information contained within an cannot be guaranteed as secure. We advise that you do not include any sensitive information when corresponding with M&G in this way. M&G Securities Limited is authorised and regulated by the Financial Conduct Authority and provides investment products. The company s registered office is Laurence Pountney Hill, London EC4R 0HH. Registered in England number _SR_310819

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